CryptoCompare Reports Bitcoin-Based Investment Products Face Strong Competition from Altcoin-Based Products

1 min read

According to a crypto data firm, Litecoin and an Ethereum rival outperformed bitcoin-based investment products in November.
The crypto data firm reports that the investment products based on Litecoin (LTC) and the smart contract blockchain Solana (SOL) had higher returns than those based on Bitcoin over the 30-day period leading up to November 19th.
“BTC-based investment products were outperformed by Solana & Litecoin-based products, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.”
According to CryptoCompare, Bitcoin-based investment products suffered losses over the same period, while products based on Ethereum and Solana experienced profits.
“BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products.
21Shares’ ASOL ETN [Exchange-Traded Notes] experienced the largest gain at 22%…”
The report also highlights that the level of assets under management (AUM) for Bitcoin saw a significant drop on a month-on-month basis while the AUM for other crypto assets surged.
“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively.”
In November, Bitcoin’s market share as a percentage of all crypto assets under management fell from 73.7% to 70.6% as a result of the decline.
***The contents on this site are for informational  purposes only and does not constitute financial, accounting, or legal advice.
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Via this siteCryptoCompare Reports Bitcoin-Based Investment Products Face Strong Competition from Altcoin-Based Products